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Just gone to 43p! It’s goon b a big year! We will be rich my friends
That is some strong rothschild ramp....changed your celebratory target price from 33p to 40p.....Not that it is ridiculous,but who is your incremental buyer at 40p?
C праздником
May be sea fox needed some sheets but a. Greatest opportunity for someone to buy! 40p here we come! Off on my jet ski now before a Nero sundowner with some mouton de Rothschild
Ivan the raven blonde brunette despite some dodgy golf shots is fully on boatd
Hi nemo! On my yacht in med for summer
Yes, very curious. Did SF need a quick $10m ???
And, who bought the 51m shares??? Was it one investor looking to build a stake?? Maybe we'll get a TR-1 in due course and find out. Whoever it was, they certainly got a good deal considering the long term prospects of GMS.
So that explains the institutional roadshow in the city!Another source of supply!
Whilst they have updated the EBITDA figure, they have not explained the effect on cash and the 'independent expert [BDO ?!] have said that the increasein EBITDA from $57m to $90 now in the space of 3 months and with it looking likely to continue, does not affect their valuation of the company !
Most of the shareholders are retail and appear not to be paying attention, its more like rape.
That is some serious cash flow generation and deleveraging by MMA,and those multiples make it look like a steal for the bidder!
So the x6.4 EV/ EBITDA figure relates to 23/24 yr ending 31/6/24 and the x 5.2 fiugre relates to the calendar yr 2024 [assumes no further increase in day rates, but some tax paid.
Noooo!
MMA made $57m in H1 and the board indicated a same again H2. in the offer document [where they mention the 7.7 figure
3 weeks later they up the ebitda figure and again 5-6 weeks later, such that the H2 EITDA figure is now estimated at $91m mid point for the yr ending 31/6/24.
Add to that in H1 the company paid off all ~$83m in bank debt and you can see that the nett cash position now is substantial as the the company will pay no interest and has tax losses.
So the co guidance mid point is $148m. Hence the ~ x 5.2 EV/EBITDA figure assuming ~ $150m nett cash at End June.
It is an absolute steal at 2.70 imv. and should be able to buy 2 new boats a year and pay 15c a share in dividends .
Doesnt tempt me before $4.00...
MMA bid price was upped few days ago!Bravo!
When the bid on MMA was announced early in the year,this what they said- "a 91% premium to the Company’s net tangible assets at 31 December 2023; and a 7.7x multiple on annualised H1 FY2024 EBITDA". (so with revised bid price this is 8x?)
Thanks.
I hold MMA and it's trading on about x 6.4 EV:EBITDA for yr ending 31/6/24.
I.Two broker target prices are at 28p including warrant shares, and tacking on a small control premium of 15-20% to that
II.30p also implies just under 7x 2024 EBITDA,similar to the 7.7x that MMA Offshore is being acquired for currently
Playing golf with Ivan on Monday! Will find out
Interested to hear your thoughts on why 30p is the target price...
@ Mcatee – nice ramper curveball.Clever Brunette did sell 0.5m shares compared to reported holdings in the 2023 Annual report and perhaps selling down without having to report since he is below 3%
@AA2020 Monthly volume traded this year is 40m shares.No. of shares on conversion is 137m.We are looking at 8-15months overhang if the warrant holders were to exit completely at any price above their 5.5p cost.Explains London roadshow with investors like thebd11 to drum up buyers for this big supply.Not easy to find investors on LSE these days as it is.Guess its time to put GMS up for sale as there has been significant value creation since 2021 capital raise.Or linger around for another 1yr with this additional overhang.I opt for the former if they can get anything north of 30p today
''Dividends are now being considered. In anticipation of further new contract wins, guidance upgrades, and periodic financial results to highlight this to the market, we have a positive outlook for the shares and value them at 28p.''
https://x.com/surprised_trade/status/1800227357028171813
Thanks for clarifying!So I suppose SF and Mazeoui should also be announcing....
It’s just his percentage has changed due to the additional shares issued!! The brunnetski is a clever man and would not sell
Looks like the art dealer selling as well!
The banks only had around 13% I believe after all the warrants were exercised. It’s not the largest overhang. I’ve seen much worse (e.g. Harbour). It will pass over the coming months.
Share buy backs on this weeks AGM ....
....by diluting shareholders and then selling the shares indiscriminately and creating an overhang....one of the issues with this stock despite the solid underlying fundamentals.There is no way so much stock is absorbed by investors in a short time frame barring an open bid for part or all of the company